On Thursday, Apple reported its profits dropped by almost 11% in the three months ending in June compared to the same period a year ago.
The Tech giant reported revenue of $83 billion, up 2% from the same period last year. A slowdown in growth from its 36% year-over-year revenue increase.
"Our June quarter results continued to demonstrate our ability to manage our business effectively despite the challenging operating environment."
- Luca Maestri, CFO of Apple
Sales in China, one of the company's most lucrative markets, fell by around 1% in the most recent quarter.
However, it still exceeded Wall Street's projections for both its sales and profits, and Apple shares increased by about 4% following the results.
Maestri anticipates an acceleration in its year-over-year revenue growth in the September quarter, as supply constraints are expected to be lower.
